Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. if a financial institution offers 6% per annum int

If a Financial institution offers 6% per annum interest on a deposit of $5,000, what...

50.1K

Verified Solution

Question

Finance

If a Financial institution offers 6% per annum interest on a deposit of $5,000, what is the effective rate of return per annum if the rate is compounded quarterly?

a) 6.5%

b) 6%

c) 6.8%

d) 6.13%

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Consider a 20-year mortgage for $282845 at an annual interest rate of 4.1%. After 6 years,...

Advance Math
Q

stion 16 On a phylogenetic tree which term refers to lineages that diverged from the...

Biology
Q

A point charge Q is placed at distance d from centre of a hollow sphere...

Physics
Q

4 A rigid body is made of three identical thin rods each of length L...

Physics
Q

1 0 A mass M is performing linear simple harmonic motion then correct graph for...

Physics
Q

Mama Fran's Bakery makes a variety of home-style cookies for upscale restaurants in the Atlanta...

Accounting
Q

On January 2, Year 4, Poplar Ltd. purchased 80% of the outstanding shares of Spruce...

Accounting
Q

Required information [The following information applies to the questions displayed below.] Hart, an individual, bought...

Accounting
Q

1. Received $50,000 cash from the issue of common stock. 2. Performed services on account...

Accounting
Q

Which aspect of the GROW model uses The Wheel of Work to create a visual...

Accounting
Q

QUESTION 5 a) A zero coupon bond offering to pay 100 in a year sells...

Finance
Q

1. How does cost accounting and financial account differ? Explain with the help of relevant...

Accounting